Ruined my life with gambeling and need advice

enthusiasticsaver · 9 December 2017 at 2:09PM

I would ask them to reduce the fees on the understanding you pay them £500 - £550 per month until the overdraft cleared. Make that your priority then move on to the cards. I think they will be ok with that but it will be much cheaper if they can adjust the fees which they have done with some people.

GambledLife · 9 December 2017 at 6:02PM

I had my meeting with the Halifax today, it turns out that the message was not sent to me (well it was buy wasn't meant for me, someone used my phone number).

While i was there i asked a few questions about my accounts and my current finance situation the lady was very helpful (very informal convocation) she said i shouldn't worry as if halifax were to reduce my overdraft i would first get a letter giving me 30 days notice, and if i can't clear the overdraft by then a loan or payment plan would be agreed (I explained that a loan is probably no good due to the bad credit and she said what i was looking to do with my plan would most likely be ok).

She also took a look at my credit card and said as far as she can tell my promotional rate of 0% is still in place, she suggested that i keep an eye on my statements and feel free to visit / call if there are any changes.

Now begins the two year struggle of not going out, i just hope my family and friends don't find out i hate myself enough as it is without getting an endless amount of lectures.

motivated · 9 December 2017 at 6:52PM

GambledLife wrote: »

I had my meeting with the Halifax today, it turns out that the message was not sent to me (well it was buy wasn't meant for me, someone used my phone number).

While i was there i asked a few questions about my accounts and my current finance situation the lady was very helpful (very informal convocation) she said i shouldn't worry as if halifax were to reduce my overdraft i would first get a letter giving me 30 days notice, and if i can't clear the overdraft by then a loan or payment plan would be agreed (I explained that a loan is probably no good due to the bad credit and she said what i was looking to do with my plan would most likely be ok).

She also took a look at my credit card and said as far as she can tell my promotional rate of 0% is still in place, she suggested that i keep an eye on my statements and feel free to visit / call if there are any changes.

Now begins the two year struggle of not going out, i just hope my family and friends don't find out i hate myself enough as it is without getting an endless amount of lectures.

It’s good to hear Halifax are ok, that’s one less thing to worry about.

As for friends and family finding out try not to stress too much about it. People that matter don’t mind and people that mind don’t matter.

M

enthusiasticsaver · 9 December 2017 at 7:01PM

That sounds good. Well done on confronting it and good luck on reducing the debt. You might want to start a diary to help keep you motivated.

GambledLife · 9 December 2017 at 11:38PM

I want to be debt free as soon as possible obviously, its looking like 2 years to get free of this when calculating my budget for the month you can see that I have £200 for (Clothing, travel as some times need to get cabs / busses to work, haircuts, additional) this will cover the above and any reaming will stay in the bank as a buffer.

I didn't plan on a buffer to remain in my bank or any nights out as I think these are probably luxurys I cant afford now, to any one in my position did you set aside a buffer to remain in your bank and allocate any funds for time out ect?

enthusiasticsaver · 10 December 2017 at 12:01AM

It is going to take you longer than 2 years to clear the amount of debt you have as it is not all at 0% so you need to factor charges and interest in. If you pay £1350 per month it will take you 27 months even without the interest so I think you are looking closer to 3 years. How much you allow yourself as spending money depends on your eventual aims, how quickly you want the debt gone and how realistic it is for you to live for that period of time with having very little spare money to do anything.

I have never had your level of debt but I have counselled people and asked them to be honest about what budget they can keep to. There is no point in setting yourself up to fail so if you know that you need to be able to go and meet up with your friends once or twice a week you should budget for that. You could look for cheaper options - say just a few drinks and a bus ride or walk home rather than drinks, taxi and a takeaway. Clothing I think most people could probably survive on what they already have bar underwear for at least a year.

Personally I think taking a cab to work is quite uncalled for. Do you work unsociable hours when public transport is not available?

GambledLife · 10 December 2017 at 2:02PM

Unfortunately public transport doesnt go past my work untill 9:30 (i need to be there at 8) so once in a while a cab is needed though usuly i can get a lift.

Sorry your correct my spread sheet shows 25 months I have taken the interest of the cards onto account when calculating what i owe month by month and all payments will continually be made at this months min payment (highest the cards balance will be) or more so will cover any interest and start paying down the balance.

you say 27 months - 3 years have I missed something?

What do you guys spend per month on entertainment, clothing etc. ?

Magpie100 · 10 December 2017 at 6:42PM

Greetings from a fellow Harlow-dweller!

Any way you could beg, borrow or work towards getting a bike? I know we're covered in snow at the moment, but Harlow has a really good network of cycle paths and it's a cheap, easy and healthy way of getting about. Would get you to work independently and if you could pick up a cheap one it would pay for itself quickly...

Good luck with your plans and well done on your gamble-free week. You can do this. M100

GambledLife · 10 December 2017 at 6:56PM

Magpie100 wrote: »

Greetings from a fellow Harlow-dweller!

Any way you could beg, borrow or work towards getting a bike? I know we're covered in snow at the moment, but Harlow has a really good network of cycle paths and it's a cheap, easy and healthy way of getting about. Would get you to work independently and if you could pick up a cheap one it would pay for itself quickly...

Good luck with your plans and well done on your gamble-free week. You can do this. M100

Nice to see someone from Harlow, your right I could get a bike but believe it not I cant actually ride one very well (last time breaking some minor bones and bruising my pride), I have an ear issue that affects my balance. the amount i need to get a cap or public transport is not often may twice a month and i only take it if its hammering it down.

GambledLife · 11 December 2017 at 10:43AM

Should I take out PPI on my cards in order to cover them if I loose my job at any point in the next 2.5 years I realise this would massively reduce the amount I can pay things off by, but its very unlikely I would be able to get a job any where close to what I earn now potentially halving my income reduced by 50%.

Or should I just concentrate on paying stuff of now?
what would my options be if I lost my job? or my income was cut by 50% ?

Ruined my life with gambeling and need advice

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